Member

Amendments 15 and 99 would provide for an independent person to carry out a review of the operation of the memorandum of understanding between the FOS and the FCA. The combined effect of these amendments would mean that changes delivered through the Bill would not take effect until at least 2028, which would mean two more years of ongoing misalignment. The Government conducted a review of the FOS in spring 2025, with the conclusions announced by the then Chancellor in July 2025. They then took a 12-week consultation period on the Government’s proposals. A further review would duplicate the Government’s review and introduce unnecessary delays in delivering these important reforms, and it is therefore not necessary.